Some CA’s also defending PWC,ha ha.. PWC took 4 crores fees last year and could not confirm bank balances. Raju may forge bank balance certificates, but can he forge all bank statements..so PWC cant do bank reconciliation!!!

Come to reality folks, dont take investors granted.. by taking refuge of ‘auditors are not investigators’, if you cant do your job better go for farming, else all corrupt auditors will be lynched.. playing with people mony.. investor activism is gaining momentum.. how come Big 4 did not learn from Anderson’s untimely death

Since PAN tracking is easy , how PwC can take plea of innocence.
Auditor is certainly not blood hound and PwC is not certainly watch dog even a street dog.

Even one assumen that Bank statement & FDRs are all forged(provided to audit team) , in that case also liquidity crisis could have arise the suspicion.

Semifinished Project revenue mobilisation & reconciliation with degree of execution vis-a vis original contract could easily detect the case of fund syphoning or fund diversion at source

DBA softwares could easily track the malicious entries on accounting system.

Had PwC not been equiped to deliver quality audit, whats the diference with ABC & CO(CAs)for commanding fess for crore.

PwC, partners & staffs have lot of way to evade punishment because of lax legal framework.

CA Regulation Act or ICAI cannt be blamed unless Companies Act,Dept of Com Affairs & SEBI remains half baked body.

Audit procedure needs legal sanctions too

agreed absolutely! its just sad, boss. When the fact is Raju name should appear more instead of PwC’s name. Load of crap here and there. What do you expect its India.

Look at what happen in Mumbai, and suddenly everyone forgot how useless the government is, and now they are trying to make this a sensational story and divert all the attention.

errr.. more like “Indians” instead of what you quoted. sad indeed, how do you expect India to grow or even become a global power. it is a joke that they are treating the satyamites as if they have done nothing wrong and pwc as if they took all the money.

India, wait long long and long before you call yourself even a power in Asia much less in the world.

PwC can be broadly divided into two major divisions, namely Audit and Advsiory (Consulting) services.(This is commonly a similar organizational structure across all the Big 4 firms).

Now one of the firms in the Audit division of under PwC by the name Pw(Price waterhouse), was the statuotary auditor in the unfolding saga.(There is another such firm in the audit division by the name Lovelock & Lewis.)Pw and L&L audit more than 100 large reputed companies in India.

An audit of financial statements of a legal entity is presenting an independentl opinion on such financial statements with reference to accuracy, completeness and fairness.

It should also be recognized that auditors have their own limited Scope of their assignment and cannot go beyond certain limits.
If malafide intentions and ulterior motives are under play , there are only limited means to corroborate the evidences presented.

However the complicity or competence of the auditors are under scrutiny and an independent investigation & legal processes shall determine whether there is a strong case against them, as still there is a need for some clarity on the veracity of the statements made in the now famous “tiger ride” letter. In this context, ICAI also needs to set its regulatory teeth strongly to set stringent norms and auditing standards.

Although PwC is bound by client confidentiality, it should come out clearly regarding news and views against it.

PwC should atleast educate the media regarding its organization, areas of business and employees and its nature of work and responsibilities to put things in a better perspective.

Dnt make abosolute comments.
Bullshit